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service this project B . 24 - inch Diameter Master Planned Water Main along north Side of 77 `x' Street from North west corner of 58 `x' Avenue and 77 "' Street to west property line of this project for approximately 2764 linear feet. : The DEVELOPER shall furnish and install a 24- inch PVC Master Planned water line along the north side on 77 `h Street from the north west corner of 58"' Avenue and 77 `h Street to the west property line of this project. This water main will be tapped into the existing water main in 58 `" Avenue and connected to the existing 8 - inch water main at the west property line . The DEVELOPER shall pay line extension fees in the amount of $ l 1 . 25 per foot of property frontage of the proposed water line . There are 1 764 linear feet of frontage on 77 ' ' Street and 430 linear feet of frontage on 58`1' Avenue for a total of 2 , 194 linear feet . The DEVELOPER ' S fee for this portion is tabulated below : Frontage Total Frontage Cost per Front Footage ( $/ ft._) F Developer Cost 2 , 194 LF 2 , 194 LF $ 11 . 25 $ 24 , 682 . 50 Reimbursement : The COUNTY shall reimburse the DEVELOPER pursuant to the provisions of Section 20 1 . 11 , The Code of Indian River County, for funds advanced by DEVELOPER to construct facilities in accordance with the COUNTY ' S Master Plan , less the cost of the DEVELOPER ' S front footage line extension fees as set forth below . The funds to reimburse the DEVELOPER shall derive from the capital projects budget based on projected future payment of capacity charges at a rate of one-fifth of the total reimbursable amount per year (after dedication of the utility to the COUNTY) for a period of five years . The first one -fifth payment shall be made at the time of the utility dedication to the COUNTY . Subsequent payments shall be made on the yearly anniversary of the utility dedication . If the amount of projected capacity charges is not realized , the reimbursement to DEVELOPER shall be reduced proportionately . Compensation shall be in the form of a check from the COUNTY -the total of all payments shall not exceed the amount of $ 777 , 566 . 30 (see Exhibit B ) . The COUNTY ' S obligation to make reimbursement to DEVELOPER shall expire five ( 5 ) years from the date of this Agreement . 2 . Amendment : This Agreement may be modified only by a written instrument executed by all parties to the Agreement. 3 . Assignability : Either party may assign this Agreement . However, the rights granted herein shall run with the land and are not the personal property of the DEVELOPER . Therefore, while the DEVELOPER has the right under this Agreement to freely transfer the rights and obligations granted by this Agreement, the assignee shall not have the right to transfer these rights to another property unless this Agreement is amended in writing by the assignee and the COUNTY . 4 . Authority : Each party hereto represents and warrants to the other that the execution of this Agreement and any other documents required or necessary to be executed pursuant to the provisions hereof are valid , binding obligations and are enforceable in accordance with their terms . 5 . Bidding and Award : The DEVELOPER shall use the County ' s public competitive bid process for all off-site utilities to be constructed under this Agreement, and Developer further agrees fully and timely to cooperate with the COUNTY in the public competitive bidding of the construction of off-site utilities described in this CIADOCUMIi- IVVLLANVAIOCALS-IA'IUMPANO'IFSG070C9AA - 1iI . VIS[DUI: VrLOPIiR'SA(1I211I?MINI 12-19-09. DOC - Pabe - `